U.S. stocks rose, sending the Standard & Poor’s 500 Index to an all-time high, as the Federal Reserve said growth is bouncing back and repeated that interest rates will remain low for a “considerable time.”
FedEx Corp. (FDX) advanced 6.2 percent as the operator of the world’s largest cargo airline predicted a pickup in domestic and global economic growth. Adobe Systems Inc. (ADBE) jumped 8.2 percent after posting revenue and profit that beat analysts’ estimates. ConAgra Foods Inc. dropped 7.3 percent as the company cut its fourth-quarter forecast.
The S&P 500 rose 0.8 percent to a record 1,956.98 at 4 p.m. in New York, gaining for a fourth straight day. The Nasdaq Composite Index (CCMP) jumped 0.6 percent to the highest closing level since 2000. The Dow Jones Industrial Average climbed 98.13 points, or 0.6 percent, to 16,906.62. Global stocks rallied, with the MSCI All-Country World Index reaching an all-time high, and Treasuries advanced.
“There was some expectations that this could be a little more hawkish given that some inflation measures had come up,” Michael Arone, the Boston-based chief investment strategist at State Street Global Advisors’ U.S. Intermediary Business, said by phone. State Street Corp. oversees $2.4 billion. “Now that the Fed has not interpreted that in a way that means the economy is overheating, I think the market will be pleased with that result.”
Read more at: bloomberg.com
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